Q&A
continued
How are my awards disbursed to my account?
Financial aid is usually disbursed to student accounts twice a year, half at the
beginning of the fall semester and half at the beginning of the spring semester.
Awards will not be disbursed if there are requests for additional information or other
requirements are not met. Financial aid that has been disbursed will appear as a credit
on your Bursar account. Students may view their Bursar account at myslice.syr.edu.
How do I reduce or decline my loans or Federal Teach Grant?
To reduce or decline a loan, students must notify the Office of Financial Aid and
Scholarship Programs using the online form found on our web site, syr.edu/financialaid.
Will my financial aid awards appear on my Bursar bill?
The Bursar’s Office bills students on a semester basis for tuition, fees, University
housing, and meal plans. The bill lists all University charges, financial aid that is
disbursed to a student’s account, and anticipated aid. Anticipated aid is financial aid
that is expected to be disbursed to your tuition account, such as Federal Direct Loans,
state grants, external scholarships, etc.
Does SU require federal income tax returns and other documentation
of income?
First-year students and transfer students are required to submit income verification
documentation. SU utilizes the College Board’s Institutional Documentation Service
(IDOC). Students will be notified when income documentation is required via their
MySlice Financial Aid To Do List. Do not submit this documentation unless it has been
requested. Families are advised to submit requested documentation immediately upon
our request in order to confirm your financial aid award.
What if my family has special circumstances?
If a student (or family) experiences special circumstances that directly affect the ability
to pay the bill, our office should be contacted either in writing to the address below, or
by e-mail using the online form found on our web site, syr.edu/financialaid.
What are the academic requirements to keep my financial aid?
Students must maintain Satisfactory Academic Progress (SAP) and full-time status to
maintain their eligibility for financial aid. Students must be registered for at least 12
new credits each semester to be considered a full-time student. However, students will
need to take an average of 15 credits each semester to graduate in four years. Contact
your academic advisor for specific details regarding the requirements in your program.
Dropping below 12 credits per semester during the academic year may affect financial
aid. Further details regarding SAP can be found on the policy section of our web site,
syr.edu/financialaid.
How do Veteran’s Benefits affect other financial aid eligibility?
If you will be receiving Veteran’s Benefits, you must report this information to our
office. Veteran’s Benefits are incorporated into your financial aid eligibility for Syracuse
University need-based grant funds. However, your Veteran’s Benefits do not affect
your eligibility for federal funds. Tuition-based awards (e.g., Syracuse University merit
scholarships, some state awards and some Veteran’s Benefits) cannot exceed the cost
of tuition for the academic year.
Syracuse University Policies
•
The Syracuse University Office of Financial Aid and
Scholarship Programs reserves the right to modify,
change or alter a student’s financial aid award based
upon new information, changes to institutional policy,
funding levels, processing errors, etc.
•
Tax returns that students and parents submit will be
reviewed. Students may be required to request a copy
of the tax return from the Internal Revenue Service.
The IRS will be instructed to send this information
directly to Syracuse University. Parents who are married
and file separate tax returns must provide a copy of
both parent’s income tax returns.
• The value of all assets and businesses are reviewed
for accuracy and will be adjusted if assets appear to
be underreported.
• Income losses reported on tax returns will be reviewed
to determine the impact on the ability of the family to
contribute to the students education.
•
Changes in the number of siblings attending college
originally reported on the FAFSA will result in a review
of a student’s financial aid award. Adjustments may be
made to the original award.
•
All financial aid is subject to verification. At any time,
if additional information conflicts with what was
originally submitted on the CSS/Financial Aid PROFILE
and/or the FAFSA, or failure to submit requested
verification documentation, the original financial aid
award may be adjusted or withdrawn.
•
For the awarding of institutional funds, all undergraduate
students who are admitted to the University as
dependent students will be considered dependent for
the duration of their undergraduate program.
• To renew financial aid awards, students must annually
file required applications which are listed on the
MySlice Financial Aid To Do List.
• Syracuse University does not guarantee the accuracy
of the TAP estimate and cannot make up any difference
between the estimate and the actual TAP award.
•
Students who are funded through a special program
(i.e. Dependent Tuition, ROTC, Higher Education
Opportunity Program, Tuition Exchange, Scholarship
Athletes, Haudenosaunee Promise) will receive their
financial aid according to the policies and regulations
associated with those programs.
•
If you are a Syracuse University merit scholarship
recipient, your scholarship may be combined with other
tuition based awards, such as your veteran’s benefits
or state grants, but cannot exceed the amount of tuition
for the academic year. In addition, if you are receiving
any Syracuse University need-based grant or scholarship, your total financial aid award cannot exceed the
cost of attendance.
• The Office of Financial Aid and Scholarship Programs
participates in the U.S. Department of Education’s
Quality Assurance Program. The Quality Assurance
Program allows participating institutions to verify
student financial aid application data. Students are
randomly selected and must submit the requested
documentation.
For a complete listing of our financial aid policies,
please see the “Policy” section of our web site,
syr.edu/financialaid.
Access to the Office of Financial Aid
and Scholarship Programs
Questions? Contact the Office of
Financial Aid and Scholarship Programs
The Office of Financial Aid and Scholarship Programs is located on the second floor
of Archbold North. The second floor of Archbold North is not accessible by elevator.
Therefore, if you have a mobility impairment preventing stairway use, please contact
our office and we will make arrangements to meet with you at an accessible and
convenient location.
Office of Financial Aid
200 Archbold North
Syracuse NY 13244
315-443-1513
syr.edu/financialaid
Office of Scholarship Programs
216 Archbold North
Syracuse NY 13244
315-443-1513
syr.edu/financialaid/scholarships
Understanding Your
Financial Aid
Award Notice
2012-2013
WE ARE PLEASED TO SEND YOU your 2012-13 Financial Aid Award
All financial aid awards will be considered as accepted when the
Notice. This companion publication provides information on your awards,
Admissions Acceptance Form is completed and the advanced payments
SYRACUSE UNIVERSITY MERIT-BASED SCHOLARSHIPS
details Syracuse University’s financial aid policies, and answers frequently
are made by the date indicated with the admissions notification.
Founders’
asked questions.
The Office of Financial Aid and Scholarship Programs is available to
Chancellor’s
For additional details about your financial aid awards, and to view your
answer questions regarding your financial aid award. You may contact us at
Dean’s
Financial Aid To Do List, go to myslice.syr.edu. You must first activate your
315-443-1513 or via email using our online form found on our web site,
Net I.D. (if you have not already done so) at netid.syr.edu.
syr.edu/financialaid.
ELIGIBILITY BASED ON
AWARD AMOUNT*
ADDITIONAL INFORMATION
Selection is made by Admissions
Up to $12,000
Committee and is based on strength
of admission application to recognize
prior academic achievement.
No financial aid application is required for
renewal of merit scholarship.
Financial need; does not have to be
repaid
Amount varies
Financial aid applications must be filed
annually and demonstrate financial need.
Federal Pell Grant
Federal criteria and high financial
need; does not have to be repaid
$555-$5,550
Financial aid applications must be
filed annually.
Federal Supplemental Educational
Opportunity Grant (SEOG)
High financial need and funding
availability; does not have to be
repaid
Up to $4,000
(average award is $1,000)
Financial aid applications must be
filed annually.
Federal Teacher Education Assistance
for College and Higher Edcucation
(TEACH) Grant
Specific teaching careers in
education
Up to $4,000
May need to be repaid under certain
circumstances.
Federal Perkins Loan
Financial need and funding
availability; repayment required
Amount varies;
$5,500 maximum per year
(average award is $2,000)
5% fixed interest.
Financial aid applications must be filed
annually.
Information regarding the required Master
Promissory Note for first-time borrowers will
be sent to the student.
Repayment begins nine months after leaving
school.
Federal Direct Student Loan
Subsidized
Financial need; repayment required
Freshman student (0-23 credits) $3,500
Sophomore (24-53 credits) $4,500
Junior (54-83 credits) $5,500
Senior (84+ credits) $5,500
Federal Direct Student Loan
Unsubsidized
Cost of attendance minus
financial aid; repayment required
Federal Direct Parent Loan for
Undergraduate Students (PLUS)
Credit-worthy parents of dependent
students; repayment required
Cost of attendance minus financial aid
Financial need and funding
availability
Average award is $2,700; does not appear Financial aid applications must be filed
as a credit on student bill
annually.
New York State residents attending
full time and financial need
$500-$5,000
SYRACUSE UNIVERSITY GRANTS
SU Grants
FEDERAL FINANCIAL AID PROGRAMS
FEDERAL GRANTS
Q&A
How was my award determined?
Financial aid awards are based on information submitted on the CSS/Financial Aid
PROFILE and the Free Application for Federal Student Aid (FAFSA). The information is
analyzed through a standardized needs analysis process, which calculates the Expected
Family Contribution (EFC). Financial aid eligibility (need) is the difference between the
cost of attending the University and a student’s EFC.
What should I do next?
If you have not already done so, submit the Admission Acceptance Form and the
advanced payments by the date indicated with your Admissions Notification.
Further details and instructions about your awards can be found online at myslice.syr.
edu. You must first sign in, then under “Financial Aid,” select “My Financial Aid.” While
on MySlice, you should also check your Financial Aid To Do List and complete any listed
items. It is important that you frequently check your MySlice Financial Aid To Do List, as
we may periodically add items to your list.
How can my parent and/or guardian view my MySlice information?
A parent/guardian may be granted access to the student’s Financial Aid section of
MySlice. To grant access, go to myslice.syr.edu and click on the link, “Set Up
Additional Access” under “Share My Access.”
What is the “cost of attendance” listed on my award notice?
The cost of attendance (COA) is the estimated total amount that it will cost you to
attend Syracuse University. The estimated cost of attendance includes the billable costs
of tuition and fees, an estimate of costs for housing and meals, and a non-billable
allowance for personal needs, travel, books, and supplies. The COA may vary due to
program of study, program fees, and your actual housing and meal plan. The COA is
provided so students may make informed and appropriate plans for financing their
SU education. After financial aid awards are taken into consideration, you are expected
to cover all remaining costs. View our web site for further details about your COA.
What is the difference between a need-based grant and a merit-based
scholarship?
Need-based grants are awarded based on the income and asset information submitted
on the CSS/Financial Aid PROFILE and FAFSA. Merit-based scholarships are determined
on the strength of the admission application without regard to financial circumstances.
Once I receive a merit-based scholarship, is it guaranteed for four years?
Will the amount of the scholarship increase as costs increase?
The amount of a student’s scholarship will remain constant each year for four years,
providing any additional resources do not cause the award to exceed the cost of
attendance. Students must maintain a minimum cumulative grade point average of
2.75 each year and must enroll for at least 12 credits in order to have the scholarship
renewed in subsequent years.
I did not receive a merit-based scholarship. When I am an SU student,
are there any other scholarships for which I may apply?
Yes! The Scholarship In Action Merit Scholarships are awarded in the amount of
$6,000 to 11 upper-class students. You must complete two years of study at SU in
order to apply. Further details regarding the Scholarship In Action Merit Scholarship are
available on the “Syracuse Scholarships” section of our website, syr.edu/financialaid/
scholarships.
FEDERAL LOANS
What is the difference between a subsidized and unsubsidized loan?
Subsidized Federal Direct Loans are based on need, and no interest is charged until
the student leaves school. Unsubsidized Federal Direct Loans are not based on need.
A student is charged interest from the time the funds are disbursed. A student may
choose to defer the interest, but if this option is selected, the interest will be capitalized
(added to the principal amount). The Office of Financial Aid and Scholarship Programs
determines a student’s eligibility for the subsidized and/or unsubsidized Federal Direct
Loan according to U.S. Department of Education regulations.
The loan may be subsidized, unsubsidized, or a combination of the two, up to the
annual loan limit. Repayment begins six months after a student ceases to be enrolled
at least half time.
Does the federal work-study award appear as a credit on my bill?
No. The federal work-study award represents the amount a student may earn through
a work-study job. A student receives a weekly paycheck for hours actually worked. The
student is responsible to review information on how to obtain a work-study job at the
Student Employment Services web site, hrses.syr.edu.
I am receiving a scholarship from a source other than Syracuse University.
What should I do?
3.4% fixed interest – subsidized
6.8% fixed interest - unsubsidized
Financial aid applications must be filed
annually.
Entrance Counseling Session and Master
All students are eligible for $2,000.
Promissory Note are required for first-time
Students whose parents are denied a
borrowers. Sign on to myslice.syr.edu and
Federal PLUS loan are eligible for an
go to “Your Financial Aid To Do List.”
additional amount based on student’s
year in school; Freshmen and Sophomores The U.S. Government charges a 1.0% fee,
$4,000; Juniors and Seniors $5,000
which will reduce the amount of the loan
disbursed.
Students receiving financial aid are required to report all scholarships and grants they
receive from sources other than the University. Students should submit the Educational
Resource Form, via their MySlice Financial Aid To Do List. Students who earn
scholarships, awards, or grants from outside sources may use these awards to fill any
unmet need or reduce their federal loans or work study award. Students who receive a
tuition benefit based on a parent’s employment will have their need-based Syracuse
University Grant reduced by the amount of that tuition benefit.
What is a TAP Award?
The New York State Tuition Assistance Program (TAP) is administered by the New York
State Higher Education Services Corporation (HESC). All students who are residents of
New York State and who complete a FAFSA will receive information directly from HESC
regarding TAP eligibility. The TAP estimate listed on your Award Notice is based on information you submitted on your FAFSA. You will be notified of your TAP eligibility by HESC.
To check the status of your application, go to the HESC web site at www.hesc.com.
7.9% fixed interest.
Parents must apply annually and a FAFSA
is required.
The U.S. Government charges a 4% fee,
which will reduce the amount of the loan
disbursed.
For additional information, and to begin the
PLUS loan application process, visit our web
site, syr.edu/financialaid.
WORK
Federal Work-Study
STATE GRANTS
New York State Tuition Assistance
Program (TAP)
A FAFSA must be filed to begin process.
ALTERNATIVE FINANCING OPTIONS
Monthly Payment Plan
Available for all enrolled students
Contact SU Office of Bursar Operations.
*AWARD AMOUNTS ARE BASED ON THE 2011-2012 ACADEMIC YEAR AS WELL AS FEDERAL, STATE, AND INSTITUTIONAL POLICY, AND ARE SUBJECT TO CHANGE.